Programme structure
The master’s programme in Risk Management and Marin Insurance is a part-time programme that takes place over six semesters. Students who complete the programme are awarded the degree Masters of Arts (MA) in Risk Management and Marine Insurance that gives 90 ECTS credits (European Credit Transfer System). During the first four terms, there will be regular courses of lectures. Students will follow one course, corresponding to 15 ECTS, during each of the first four semesters. 15 ECTS a semester is equivalent to 50% work load compared to students studying full-time. The fifth and sixth terms will be devoted to the completion of a master’s thesis.
The courses will consist of lectures, case studies and reading assignments and will be taught in intensive two-, three-, or four-day seminars at intervals during the semester. At the end of each course, the students will be expected to pass an exam.
All lectures and examinations will be given in English.
Lectures will be held in Trondheim (first semester), Copenhagen (second semester), Oslo (third semester) and Gothenburg (fourth semester).
| 6. semester | RMMI5030 - Master thesis | |||||||||||||||||||||||||||||
| 5. semester | RMMI5030 - Master thesis | |||||||||||||||||||||||||||||
| 4. semester | RMMI5460 - Marine Insurance Settlement at UiG, Gothenburg | |||||||||||||||||||||||||||||
| 3. semester | JUR5450 - Marine Insurance (discontinued) at UiO, Oslo | |||||||||||||||||||||||||||||
| 2. semester | Financial Risk Management at CBS, Copenhagen | |||||||||||||||||||||||||||||
| 1. semester | Maritime and Technical Risk Management at NTNU, Trondhjem | |||||||||||||||||||||||||||||
| 10 ECTS credits | 10 ECTS credits | 10 ECTS credits | ||||||||||||||||||||||||||||
Semester I
The Maritime and Technical Risk Management (MTRM) course at NTNU is the first course in the RMMI programme. The main objective is to give an overview of the risk picture and risk management in a maritime and technical perspective as a basis for the following courses in the programme.
The course will present the basic issues relating to the improvement of safety at sea, give the theoretical and practical basis for risk analysis of maritime systems and discuss central ideas on how safety can be improved through organization and management controls.
The course will introduce approaches and methods based in technical risk analysis and reliability engineering and give an understanding of the different approaches and organisation of safety management in the maritime industry, as well as approaches to safety management in general.
Semester II
The second course in the programme is the Financial Risk Management (FRM) course at the Copenhagen Business School in Copenhagen, Denmark. Financial Risk is a key issue for the shipping industry. This course explores the growing relationship between insurance, risk management and financial services in this global industry. It is designed to provide the marine insurance companies, as well as marine insurance brokers and those involved in the Nordic ship owning sector, dealing with both insurance and risk management, with the understanding of how to identify, control and finance risk by combining insurance programs, hedging strategies and techniques such as alternative risk transfer (ART).
Semester III
The course in Marine Insurance in a Legal Perspective is the third course in the RMMI programme. It is presumed that the students in the two previous courses have obtained knowledge in identifying risk inherent in the shipping sector and are given tools to evaluate it both technically and economically. Effecting insurance is one alternative method to finance risk that is not eliminated through technical measures. Marine insurance is a legal tool for shifting risk from the ship owner to the insurer, and this Course will cover the legal aspects of the marine insurance business.
Several issues will be addressed in the course: First, the concept of insurance will be presented. It is important to understand how marine insurance can be used as a tool to finance risk and the limitations in regard to this tool. Secondly, an overview of the regulation of marine insurance will be provided in order to understand the framework for effecting marine insurance covering different aspects of the total risks encountered in the shipping business. Thirdly, a more detailed understanding of this issue is gained through the study of different kinds of marine insurance.
Semester IV
During the fourth semester, students will follow a course in Marine Insurance Settlement at the School of Business, Economics and Law, University of Gothenburg, Sweden. The course is given in cooperation between the University of Oslo and the University of Gothenburg.
Marine insurance is a legal tool for shifting risk from the ship owner to the insurer. However, the marine insurance business includes not only knowledge about coverage under a marine insurances policy. It further requires competence of those working within the marine insurance industry in settling a marine insurance claim.
Settling a claim involves the outmost knowledge in marine insurance coverage and also good knowledge in e.g. technical and economical matters which the students would have obtained during the previous three courses in the RMMI-programme. The Marine Insurance Settling course seeks to equip students with tools to enable them to meet the ever-changing professional challenges in the sector.
The focus of the course in Marine Insurance Settlement is placed on the practical side of marine average claims management. Practical cases regarding marine averages will be dealt with. The practical cases include adjusting under hull insurances, loss of hire insurance, and general average.
Semesters V & VI
The final part of the programme is the Master of Arts thesis. The thesis shall be based on an inter-disciplinary problem and the students should strive to obtain an inter-disciplinary approach, related to topics in two or more of the RMMI programme courses. For practical relevance the thesis should be linked to a given or relevant problem from the student’s workplace. Students who wish to complete their thesis in only one semester will have the option to do so. A supervisor from one of the participating institutions will be made available to each student according to the topic chosen and the wish of the student. Before starting the actual writing, the students will be given a one-day seminar on thesis writing covering topics such as; how to outline the structure, how to best use the library services, and how to engage in the writing process.
Degree requirements
To be awarded the degree Master of Arts in Risk Management and Marin Insurance the students have to; participate actively in the programme, pass the exams, obtain a passing grade on the course exams and a passing grade on the master’s thesis.